Applied Industrial Technologies (NYSE:AIT) Short Interest Down 28.5% in July

Applied Industrial Technologies (NYSE:AIT) saw a large drop in short interest in July. As of July 31st, there was short interest totalling 345,000 shares, a drop of 28.5% from the June 30th total of 482,800 shares. Currently, 0.9% of the company’s stock are sold short. Based on an average trading volume of 172,300 shares, the short-interest ratio is presently 2.0 days.

Separately, ValuEngine raised shares of Applied Industrial Technologies from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $71.00.

Several hedge funds and other institutional investors have recently bought and sold shares of AIT. FinTrust Capital Advisors LLC lifted its position in Applied Industrial Technologies by 174.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 437 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 278 shares during the last quarter. Parallel Advisors LLC bought a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth about $32,000. Rockefeller Capital Management L.P. raised its position in shares of Applied Industrial Technologies by 124.2% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 621 shares of the industrial products company’s stock worth $38,000 after buying an additional 344 shares in the last quarter. Quantamental Technologies LLC raised its position in shares of Applied Industrial Technologies by 23.5% during the 2nd quarter. Quantamental Technologies LLC now owns 2,099 shares of the industrial products company’s stock worth $129,000 after buying an additional 400 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Applied Industrial Technologies by 13.2% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,943 shares of the industrial products company’s stock worth $175,000 after buying an additional 343 shares in the last quarter. 88.49% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE AIT traded down $1.11 during midday trading on Monday, hitting $54.23. The company’s stock had a trading volume of 161,100 shares, compared to its average volume of 187,460. Applied Industrial Technologies has a 1-year low of $50.56 and a 1-year high of $82.35. The business has a fifty day simple moving average of $59.26. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.61 and a current ratio of 2.70. The firm has a market cap of $2.14 billion, a price-to-earnings ratio of 14.56 and a beta of 1.31.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Thursday, August 15th will be issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Wednesday, August 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 33.16%.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.

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